Nicholas Piramal net up 22% at Rs 67 cr

CORPORATE SCORECARD

With revenues coming in from the companies acquired overseas and improved performance in the domestic formulations business, India's fourth largest pharmaceutical company Nicholas Piramal Ltd (NPIL) has posted a 22.04 per cent growth in its net profit to Rs 67 crore during the second quarter ended September 30, from Rs 54.9 crore of the corresponding quarter last year.

Total income of the company during the quarter under review increased 20.96 per cent to Rs 442.74 crore as against Rs 366.01 crore for the same quarter in the previous financial year.

According to senior company executives, NPIL's domestic formulations business had improved significantly over the previous corresponding quarter that had been impacted by changes in taxation policies.

The company's overseas acquisitions have also started contributing to its consolidated revenue during the quarter, they added.

The consolidated results for the current quarter included the results of NPIL Pharmaceuticals (UK) Ltd, and Torcan Chemical Ltd, Canada, which were acquired in December 2005 and the Morpeth facility acquired from Pfizer in June 2006.

The company is currently hoping for major growth in its consumer healthcare division in India following the takeover of 100 per cent stake in Boots Piramal Healthcare, the 49:51 joint venture between NPIL and global OTC major The Boots Company Plc.